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© Copyright HSBC Holdings plc 2007
All rights reserved
No part of this publication may be reproduced, stored in
a retrieval system, or transmitted, in any form or by any
means, electronic, mechanical, photocopying, recording,
or otherwise, without the prior written permission of
HSBC Holdings plc.
Published by Group Finances, HSBC Holdings plc,
London
Cover designed by Addison Corporate Marketing
Limited, London; text pages designed by Group Public
Affairs, The Hongkong and Shanghai Banking
Corporation Limited, Hong Kong
Printed by St Ives Direct Romford Limited, Romford,
UK, on Revive Special Silk paper using vegetable oil-
based inks. Made in Spain, the paper comprises 60%
virgin fibre, 30% de-inked post-consumer waste and 10%
mill broke. Pulps used are elemental chlorine-free.
The FSC logo identifies products which contain wood
from well-managed forests certified in accordance with
the rules of the Forest Stewardship Council.
Mixed Sources
Cert no. SGS-COC-2116
© 1996 FSC A.C.
Photography
Cover Philip Gostelow
Group Chairman Niall McDiarmid